OP/EDPublic-Private Partnerships (P3s) By some in Washington, DC, “Public-Private Partnerships” (P3s) are the much-debated “solution” to ? nancing public infrastructure with private sources of money. Not so fast, says WCI’s Mike Toohey.By Michael J. Tooheyrivate funding sources are usually equity ? rms or ? nan- 75-year concession. In 2015, ITR was purchased by Australia’s cial institutions seeking a way to recoup their investment IFM Investors on behalf of IFM Global Infrastructure Fund.Pthrough state concessions to charge tolls for more ef? - Highways are very different than waterways, and P3s that cient or additional capacity lanes. Highways have been the pri- charge tolls simply do not work for building locks and dams. mary focus for P3s, some of them successful, but others not so On highways, drivers have a choice to use new capacity pro-much. One example is the Indiana Toll Road that runs for more vided by the toll facility, or to continue to use the existing, un-than 150 miles across northern Indiana from Illinois to Ohio. tolled capacity. But waterways P3s would remove that choice, Owned by the Indiana Finance Authority, the toll road was op- with users having only the tolled stretch of the river option. erated by the Indiana Toll Road (ITR) Concession Company There is no off-ramp on a river.LLC, which ? led for bankruptcy in 2014, just eight years into a In 2015, Mercator International LLC conducted a feasibility CREDIT: ABB14 Maritime Logistics Professional July/August 2018| |1-17 MLP JulyAug18.indd 14 1-17 MLP JulyAug18.indd 14 8/8/2018 9:04:25 AM8/8/2018 9:04:25 AM